Suffolk County, NY Outlook Revised To Negative Due To Weakened Finances; 'AA' Rating Affirmed May 11
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said it revised to negative from stable its outlook on Suffolk County, N.Y., and affirmed the 'AA' long-term rating on the county's general obligation (GO) bonds. At the same time, we assigned an 'AA' rating and negative outlook to the county's series 2011A public improvement bonds. "The outlook revision reflects a continued deterioration in the county's financial position due to a significant reduction in reserves," said Standard & Poor's credit analyst Kate Hackett. The 'AA' rating reflects the county's: Fundamentally strong and diverse economy and its easy access to the New York City metropolitan area; Substantial tax base despite recent declines; Strong wealth and income levels; and Moderate...
Companies mentioned in this report are: Suffolk Cnty
Action: Affirmed
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Suffolk Cnty
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